Increasing commercial accounts at your financial institution provides you with new opportunities to increase your deposit base, diversify your account portfolio and cross-promote products and services. Building relationships with local businesses by understanding their needs and providing genuine solutions to overcome their obstacles not only makes your financial institution a valuable resource for business accountholders but also increases opportunities to acquire employee personal accounts.

The time has come for community banks and credit unions to win accountholders back from big banks. You can unlock success and profitability at your financial institution by providing accountholders with the right product mix that fits their needs. Effective rewards checking programs, mobile checking accounts and stronger accountholder relationships will lead to increased accountholder acquisition and retention.

Community banks’ and credit unions’ opportunity to acquire new accountholders grows as the number of dissatisfied accountholders increases at big banks. Although advertising budgets at big banks exceed those of smaller financial institutions, community banks and credit unions can win market share by focusing on maintaining reduced fees, building stronger relationships and providing valuable services for which accountholders are searching.

Most financial institutions across the country offer debit cards to accountholders; however, many financial institutions fail to realize the full benefits a successful debit card program can deliver in new accountholder acquisition, current accountholder retention and overall profitability. A successful debit card program begins with a simple, valuable reward program, which promotes increased usage and is promoted to the right target demographic.

Four years ago financial institutions across the country implemented opt-in strategies for their overdraft privilege programs as a result of Reg E. Many institutions treated Reg E implementation as a one-time event and, with each passing year, their focus on overdraft privilege communication has dwindled, letting accountholders and dollars slip through the cracks. Getting overdraft privilege programs back on track requires proper staff training and ongoing communication with accountholders.

Accountholder acquisition at financial institutions often depends on major life-changing events such as a new job, marriage or moving; however, the unique circumstance surrounding college students makes them a prime target demographic for new accountholder acquisition. Financial institutions can capitalize on this opportunity by providing students with tools to succeed on their own financially. Most college students are looking for three things before they head off to school: a new bank, an accessible checking account and financial education.

What do accountholders really want in terms of rewards programs? Two things: cash and customer service. According to the Q4 National Banking Opinion Poll, 61% of Americans stated they would switch to a new institution if it provided them with a cash back rewards program. But what good are those programs if an institution can’t back them up with the kind of customer service that gives accountholders peace of mind when opening a rewards checking account?